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Valued Contributor
Posts: 2,153
Registered: ‎09-16-2011
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Re: Toy Limits


 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 8.5k and a nice stack of store cards.
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Posts: 10,932
Registered: ‎12-30-2011
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Re: Toy Limits

[ Edited ]

jamesdwi wrote:

 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 


There's a world of difference between 3 credit cards reporting vs. 1... let alone the six he's talking about.

 

OP: 6 is right around the American average I suspect, go ahead and close 3 if you wish it's not going to matter to your number of open tradelines.  Also 18 revolving tradelines would be considered excessive by the vast majority of lenders, the OP has the right idea: if you're not using many of those cards substantially, what's to say you'd use that new tradeline a lender might grant you?

 

A whole bunch of tradelines certainly establishes one as a statistical outlier, and that's not really a place anyone wants to be in the eyes of a lender... with the corner case exception of fractional top percent earners / spenders.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
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Established Contributor
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Registered: ‎12-21-2010
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Re: Toy Limits

I closed all my toy cards. after I closed them I received a $5000 card immediately. I do think closing toy cards helps get you bigger limits.
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Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
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Re: Toy Limits

what do you consider a Toy Limit?

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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Toy Limits

I would think anything under 1k is a toy limit.



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Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
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Re: Toy Limits

I say anything under $5k is toy....    :smileyvery-happy:

Ray

** Every Card has a Job, and Every Card does its Job **

Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
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Re: Toy Limits


RockinRay wrote:

I say anything under $5k is toy....    :smileyvery-happy:


BALLER

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Established Contributor
Posts: 869
Registered: ‎07-04-2012
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Re: Toy Limits

under 1k definitely and maybe even 2000.

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Established Contributor
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Registered: ‎06-12-2012
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Re: Toy Limits

Unless your scores are over 700, firmly in prime territory, you should not go closing out all your rebuilder cards (re: toy limit cards) because guess what? YOU"RE STILL REBUILDING. So keep them because they are helping you more than hurting you. You may feel that you deserve better or that you are 'above' these low limit cards, but much like hanging out with nerds, you will be better off with them until you can get better.

JP Morgan Select $10k | Citi TY Premier $15k | PenFed PlatRewards $22k | BofA AMEX $15k | Chase Freedom $20k | Discover IT $10k | Barclay Arrival+ 25k | AMEX SPG $10k | NASA Platinum-Advantage $10k | CapOne Quicksilver $5k | Amazon Card $10k | NASA PLOC $30k @ 8.25% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
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Re: Toy Limits


ryanbush wrote:

RockinRay wrote:

I say anything under $5k is toy....    :smileyvery-happy:


BALLER


LOL - had to say it!  :smileytongue:

Ray

** Every Card has a Job, and Every Card does its Job **

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